Price Elasticity of Demand (PED) measures how much the quantity demanded of a product changes when its price changes. It shows how sensitive or responsive consumers are to changes in price.
If PED > 1 → Demand is elastic
Includes bacteria and blue-green algae.
They are unicellular (single-celled) organisms.
No true nucleus — their DNA is not inside a nuclear membrane.
Cells are simple in structure compared to other organisms.
Some are useful (e.g. in food production), while others can cause diseases.
The epidermis is the outermost layer of cells covering the leaves, stems, and roots of a plant.
It protects the plant from water loss, injury, and infection.
Cells are closely packed and often covered with a waxy cuticle to reduce evaporation.
In leaves, it contains stomata, which control gas exchange and transpiration.
Key Points:
Meaning: Price elasticity of demand shows how much the demand for a product changes when its price changes. It helps us understand how sensitive customers are to price changes.
For example:
If the price of ice cream goes up and people stop buying it quickly, the demand is elastic.
But if the price of salt goes up and people still buy it, the demand is inelastic.
Formula:
